VANCOUVER, BC, Jan. 20, 2022 /CNW/ – Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that the Company has filed an updated technical report, prepared in accordance with the disclosure standards under National Instrument 43-101 (“NI 43-101”) for its Cerro Quema project (“Cerro Quema”) located in the Azuero Peninsula, Los Santos Province, Panama. The updated technical report now includes the independent mineral resource estimate for the Caballito copper-gold deposit, details of which were previously announced (see News Release dated December 6, 2021).
“We remain excited about the diversity of our growth options in Panama and are progressing on all fronts”, said Jason Simpson, President and Chief Executive Officer of Orla Mining. “This includes the promising copper development opportunity, the robust oxide heap leach project, and a prospective exploration package.”
The following tables present the mineral resource estimation for the Cerro Quema oxide project as well as the separate and additional Caballito deposit. The mineral resource on the Cerro Quema oxide project has been updated from the previously filed technical report dated September 7, 2021. In the previously filed technical report, the mixed category under the indicated and inferred resource for the Cerro Quema oxide project was misstated and has been corrected in the updated technical report. This correction does not have an impact on the previously disclosed mineral reserve estimate or the results of the pre-feasibility study on the Cerro Quema oxide project.
CABALLITO & CERRO QUEMA MINERAL RESOURCE ESTIMATE, EFFECTIVE DATE OF NOVEMBER 2, 2021
|
Caballito Sulphides |
|||||||||
|
Class |
Tonnes |
CuEq |
Cu |
Au |
Ag |
CuEq |
Cu |
Au |
Ag |
|
(000s) |
(%) |
(%) |
(g/t) |
(g/t) |
(Mlbs) |
(Mlbs) |
(koz) |
(koz) |
|
|
Indicated |
31,952 |
0.96 |
0.83 |
0.31 |
2.2 |
676 |
585 |
315 |
2,260 |
|
Inferred |
22,569 |
0.85 |
0.77 |
0.21 |
1.2 |
425 |
381 |
155 |
856 |
|
Cerro Quema & Caballito Oxide Mineral Resource Estimate |
|||||||||
|
Mineral Resource Type |
000’s |
Gold |
Silver |
Gold |
Silver |
||||
|
tonnes |
(g/t) |
(g/t) |
(koz) |
(koz) |
|||||
|
Oxide |
|||||||||
|
Quema Indicated Mineral Resource |
9,305 |
0.67 |
1.97 |
200 |
589 |
||||
|
Pava Indicated Mineral Resource |
21,488 |
0.65 |
2.03 |
451 |
1,402 |
||||
|
Caballito |
998 |
0.49 |
2.10 |
16 |
67 |
||||
|
Indicated Mineral Resource |
31,791 |
0.65 |
2.01 |
666 |
2,059 |
||||
|
Mixed |
|||||||||
|
Quema Indicated Mineral Resource ** |
257 |
0.42 |
3.16 |
3 |
26 |
||||
|
Pava Indicated Mineral Resource ** |
2,222 |
0.53 |
2.51 |
38 |
179 |
||||
|
Indicated Mineral Resource ** |
2,479 |
0.52 |
2.58 |
41 |
205 |
||||
|
Total Indicated Mineral Resource |
34,270 |
0.64 |
2.06 |
708 |
2,265 |
||||
|
Oxide |
|||||||||
|
Quema Inferred Mineral Resource |
2,837 |
0.32 |
2.91 |
29 |
265 |
||||
|
Pava Inferred Mineral Resource |
776 |
0.25 |
1.24 |
6 |
31 |
||||
|
Caballito |
3,619 |
0.36 |
2.30 |
41 |
268 |
||||
|
Inferred Mineral Resource |
7,232 |
0.33 |
2.43 |
77 |
564 |
||||
|
Mixed |
|||||||||
|
Quema Inferred Mineral Resource ** |
1 |
0.23 |
0.50 |
0 |
0 |
||||
|
Pava Inferred Mineral Resource ** |
249 |
0.39 |
0.66 |
3 |
5 |
||||
|
Inferred Mineral Resource ** |
250 |
0.39 |
0.66 |
3 |
5 |
||||
|
Total Inferred Mineral Resource |
7,482 |
0.33 |
2.37 |
80 |
569 |
||||
|
** Represents categories that were previously misstated and have been updated in the technical report as described above. |
Mineral Resources Notes:
|
1. |
The qualified person responsible for the Mineral Resource is Sue Bird, P. Eng of Moose Mountain Technical Services. Sue Bird is independent of Orla Mining Ltd. |
|
2. |
Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines. |
|
3. |
Mineral Resources are reported inclusive of Mineral Reserves. |
|
4. |
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
|
5. |
The Mineral Resource is based on the following assumptions: for Pava and Quemita: Metal prices of US$1,600/oz gold price and US$18/oz silver price. 125% price case pit; 99.9% payable Au; 98.0% payable Ag; $1.40/oz Au and $1.20/oz Ag offsite costs (refining, transport and insurance); At Caballito: 100% price pit with metal prices of US$1,600/oz gold price, US$3.50/lb copper price and US$20/oz silver price and the following smelter terms: In the Oxides: 99% payable Au; 98.0% payable Ag; In the Sulphide 90% payable Au and Ag, and 96% payable Cu; Offsite costs of US$1.40/oz Au and US$1.20/oz Ag in the oxides and offsite costs (refining, transport and insurance) of US$16.30/WMT for Au, US$116.50/WMT for Cu and US$3.20/WMT for Ag in the sulphides; for all deposits a 4% net smelter returns (“NSR”) royalty for Au and Ag and a 5% NSR royalty for Cu. |
|
6. |
Metallurgical recoveries are for Pava: 88% Au in oxides and mixed, for Quema: 86% Au in oxides and mixed for Pava, Ag recovery is 30% oxides and mixed in Pava, Ag recovery is 15% in oxides and mixed in Quema. The metallurgical recovery at Caballito have been estimated as 90% for Cu, 55% for Au, and 45% for Ag in the sulphides, and 88% for Au, 45% for Ag and 0% for Cu in the oxides. |
|
7. |
The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following cost assumptions: At Quemita: a mining cost of US$2.56 At La Pava a mining cost of $US2.40 at Caballito a mining cost of US$2.20/tonne for both materials to be processed and waste. Processing + G&A costs for each deposit and metallurgical zone are the base case cutoff NSR values. |
|
8. |
The base case cut-off is an NSR of: for Pava, US$6.34/tonne for oxide and US$9.18/tonne for mixed; for Quema, US$6.50 for oxides and US$8.35 for mixed; and for Cabllito, US$6.34/tonne for oxide and US$15.00/tonne for sulphide. |
|
9. |
Pit slope angles are 40º. |
|
10. |
The bulk density in La Pava and Quemita has been determined by Alteration Zone and Core recovery and ranges between 2.07 and 2.62. The bulk density at Caballito has been assigned values of 2.34 and 2.70 tonnes/m3 in the oxides and sulphides, respectively based on bulk density measurements. |
|
11. |
Numbers may not add due to rounding. |
The detailed technical report is now available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and at www.sec.gov, respectively. The technical report is now also available on Orla’s website at www.orlamining.com.
Qualified Persons
The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are Qualified Persons as defined under NI 43-101 standards.
This press release shall not constitute investment advice or an offer to sell or the solicitation of an offer to buy securities in the United States.
About Orla Mining Ltd.
Orla is operating the Camino Rojo Oxide Gold mine, a gold and silver open-pit and heap leach mine, located in Zacatecas State, Central Mexico. The operation is 100% owned by Orla and covers over 160,000 hectares. The technical report for the 2021 Feasibility Study on the Camino Rojo oxide gold project entitled “Unconstrained Feasibility Study NI 43-101 Technical Report on the Camino Rojo Gold Project – Municipality of Mazapil, Zacatecas, Mexico“ dated January 11, 2021, is available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and www.sec.gov, respectively. The technical report is also available on Orla’s website at www.orlamining.com. Orla also owns 100% of Cerro Quema located in Panama which includes a near-term gold production scenario and various exploration targets. Cerro Quema is a proposed open pit mine and gold heap leach operation. The technical report for the Pre-Feasibility Study on the Cerro Quema oxide gold project entitled “Project Pre-Feasibility Updated NI 43-101 Technical Report on the Cerro Quema Project, Province of Los Santos, Panama” dated January 18, 2022, is available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and www.sec.gov, respectively. The technical report is also available on Orla’s website at www.orlamining.com.
Forward-looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the perceived merits of the Company’s properties and mineral resource estimates. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes,…
Read More:ORLA MINING FILES UPDATED TECHNICAL REPORT ON CERRO QUEMA TO INCLUDE CABALLITO MINERAL RESOURCE
2022-01-20 21:51:00
